PR Newswire | Oct 26, 2021 10:02AM EDT

Non-Performing Loans

10/26 09:00 CDT

Fannie Mae Announces Winner of Eighteenth Community Impact Pool of Non-Performing Loans WASHINGTON, Oct. 26, 2021

WASHINGTON, Oct. 26, 2021 /PRNewswire/ -- Fannie Mae (OTCQB: FNMA) today announced the winning bidder for its eighteenth Community Impact Pool (CIP) of non-performing loans. The transaction is expected to close on December 10, 2021 and includes approximately 140 loans totaling $44.6 million in unpaid principal balance (UPB). The loans are geographically focused in the New York area, and the winning bidder was Residential Credit Opportunities VI, LLC (AMIP). The pool was marketed with BofA Securities, Inc. and First Financial Network, Inc. as advisors.

The CIP awarded in this most recent transaction includes 139 loans with an aggregate UPB of $44,642,352; average loan size of $321,168; weighted average note rate of 5.00%; and weighted average broker's price opinion (BPO) loan-to-value ratio of 52%.

The cover bid, which was the second highest bid, for the CIP was 96.18% of UPB (39.87% of BPO).

All purchasers are required to honor any approved or in-process loss mitigation efforts at the time of sale, including forbearance arrangements and loan modifications. In addition, purchasers must offer delinquent borrowers a waterfall of loss mitigation options, including loan modifications, which may include principal forgiveness, prior to initiating foreclosure on any loan.

Interested bidders can register for ongoing announcements, training, and other information here. Fannie Mae will also post information about specific pools available for purchase on that page.

About Fannie MaeFannie Mae helps make the 30-year fixed-rate mortgage and affordable rental housing possible for millions of people in America. We partner with lenders to create housing opportunities for families across the country. We are driving positive changes in housing finance to make the home buying process easier, while reducing costs and risk. To learn more, visit: fanniemae.com | Twitter | Facebook | LinkedIn | Instagram | YouTube | Blog

Fannie Mae Newsroom https://www.fanniemae.com/news

Photo of Fannie Mae https://www.fanniemae.com/resources/img/about-fm/fm-building.tif

Fannie Mae Resource Center1-800-2FANNIE

View original content: https://www.prnewswire.com/news-releases/fannie-mae-announces-winner-of-eighteenth-community-impact-pool-of-non-performing-loans-301408580.html

SOURCE Fannie Mae